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MBA funding question

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Re: MBA funding question [#permalink] New post 07 Feb 2013, 08:35
mappleby wrote:
I have about $30k in cash savings and about another $20k in non-retirement stock accounts but I'm still leaning towards using a good chunk of loans. As a career switcher there is a chance I could graduate without a job and I would like to keep some of my savings around in case I have to live off of them after graduation.


I'm in a similiar boat. I went to my state school and was lucky to have parents who covered what wasn't by scholarships. I have some money saved and a little left from my college fund. I understand that a lot of people already have debt that they are adding to, which sucks.

But for people who do have some savings, though obviously not enough to cover two years of tuition plus living expenses (Tuck estimates tuition+expenses for a year at $88K. And that's living in Hanover.) how are you planning to do it? Obviously, we'll have to do loans, but do you plan to take out loans for all of tuition and live on your savings? Or take out loans for everything and use savings to pay some back afterwards? Or pay as much as you can upfront and take out loans for the rest? Those are the three options I see. I'd love to hear what others are planning to do.
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Re: MBA funding question [#permalink] New post 07 Feb 2013, 08:44
suecone8 wrote:
mappleby wrote:
I have about $30k in cash savings and about another $20k in non-retirement stock accounts but I'm still leaning towards using a good chunk of loans. As a career switcher there is a chance I could graduate without a job and I would like to keep some of my savings around in case I have to live off of them after graduation.


I'm in a similiar boat. I went to my state school and was lucky to have parents who covered what wasn't by scholarships. I have some money saved and a little left from my college fund. I understand that a lot of people already have debt that they are adding to, which sucks.

But for people who do have some savings, though obviously not enough to cover two years of tuition plus living expenses (Tuck estimates tuition+expenses for a year at $88K. And that's living in Hanover.) how are you planning to do it? Obviously, we'll have to do loans, but do you plan to take out loans for all of tuition and live on your savings? Or take out loans for everything and use savings to pay some back afterwards? Or pay as much as you can upfront and take out loans for the rest? Those are the three options I see. I'd love to hear what others are planning to do.


It's going to be option 3 for me, i.e. pay as much as I can upfront and take out loans for the rest. By doing that I will be saving on the interests (not that much I reckon but still quite a bit).

Option 1: not possible due to lack of savings. I have only $50k saved which is below the cost of living for 2 years at the programs where I was accepted. So I will necessarily need to borrow more than the tuition alone

Option 2: not possible because I am an international student and the sponsored loan are limited to a fraction (75-80%) of the full cost of the programs

I am really not looking forward to signing my loan documentation. $50k and it will only be 50% of what I will borrow. For someone who never ever took out any loan it is quite a big step.

How do you plan to do it?
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Re: MBA funding question [#permalink] New post 07 Feb 2013, 09:44
Guys, a quick question, if I intend to fund my entire mba (including tuition), does that improve my chances in getting accepted. My gmat hasn't gone too well and wanna apply for 2013 intake.

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Re: MBA funding question [#permalink] New post 07 Feb 2013, 09:46
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shatrujit wrote:
Guys, a quick question, if I intend to fund my entire mba (including tuition), does that improve my chances in getting accepted. My gmat hasn't gone too well and wanna apply for 2013 intake.

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no
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Re: MBA funding question [#permalink] New post 07 Feb 2013, 16:12
Hey, I happened to get the summary email and thought I'd check out this thread. One piece of advice I wish I had received was this: Don't take any extra Federal money at its high interest rate. I took some of those loans without shopping around before 1st year. Then I looked around. I found that I could get a Sallie Mae loan for something like 3% or so. Much, much cheaper, but you have to make small interest payments while you are a student (they are not crippling or anything, but to get the better rate you have to start paying while you're a student).

Also, while I was lucky with scholarships and things that allowed me to graduate with only $75K in debt, MOST folks who paid full price and lived a normal life/travel ended up with around $150K in loans, not $100K as I see referenced by a few in this post.

BUT, the good news is you'll soon be making good money and can pay those off. I started working late summer and between signing bonus and salary, I've managed to pay off about half of my loans already (starting with the high interest Federal loans first, of course!). It's an investment! Good luck to you all!
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Re: MBA funding question [#permalink] New post 07 Feb 2013, 16:25
suecone8 wrote:

I'm in a similiar boat. I went to my state school and was lucky to have parents who covered what wasn't by scholarships. I have some money saved and a little left from my college fund. I understand that a lot of people already have debt that they are adding to, which sucks.

But for people who do have some savings, though obviously not enough to cover two years of tuition plus living expenses (Tuck estimates tuition+expenses for a year at $88K. And that's living in Hanover.) how are you planning to do it? Obviously, we'll have to do loans, but do you plan to take out loans for all of tuition and live on your savings? Or take out loans for everything and use savings to pay some back afterwards? Or pay as much as you can upfront and take out loans for the rest? Those are the three options I see. I'd love to hear what others are planning to do.


That's the $60,000 question, or $40-50,000 question for most of us. Most loans are paid directly to the school so it doesn't really make sense to put 100% of your savings towards tuition just to have all your loans go to the school then be refunded to you as a credit. My wife will be working so we will have some income but also higher expenses, no roommates to split the bills etc. So I think I'll go a little heavier on the loans to be sure we have enough to get by the first year. Then look to spend more of my savings account the second year to keep the total loans down as much as possible.
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Re: MBA funding question [#permalink] New post 07 Feb 2013, 16:44
FOR LBS ADMITS:
how are you financing your mba. it seems LBS does not provide any loan http://www.london.edu/programmes/gettingaloan.html
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Re: MBA funding question [#permalink] New post 08 Feb 2013, 08:46
Re: MBA funding question   [#permalink] 08 Feb 2013, 08:46
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